Moonves, who has been accused of inappropriate conduct in incidents that happened more than two decades ago, was reportedly offered somewhere in the neighborhood of $100 million by the board, the outlet reports.
Moonves, who has remained in charge despite the allegations against him, signed an employment contract in May 2017 that provides for a severance package worth almost $180 million if he is removed without cause.
Manchester United defender Luke Shaw: 'I was close to losing my leg'
A regular sideshow of Manchester United's topsy-turvy campaign last season was seeing Jose Mourinho and Luke Shaw locking horns on and off the pitch.
However, in July, the New Yorker's Ronan Farrow published an article that detailed allegations by six women against Moonves who claim they were sexually harassed and intimidated by Moonves.
The CNBC report states that CBS COO Joe Ianniello would be named interim CEO, if the company is able to negotiate Moonves's exit.
The Journal also reports that the independent directors are seeking an assurance that CBS parent National Amusements won't seek to combine CBS with sibling company Viacom, something Moonves has long resisted. "I always understood and respected - and abided by the principle - that "no" means 'no, ' and I have never misused my position to harm or hinder anyone's career", he said in a statement to The New Yorker.
Iraq parliament to convene for emergency session to discuss Basra protests
Protesters blocked the entrance to Umm Qasr port, the main lifeline for grain and other commodity imports that feed the country. Sources said a group of people who broke the security siege gathered in front of the public building and set it on fire.
FBN's Charlie Gasparino discusses how CBS CEO Les Moonves is negotiating his exit from the company. CBS, led by Moonves, has opposed the move.
Sources close to the talks tell CNBC that the board "wants the rights to claw back some of the compensation if it's determined that sexual harassment allegations against Moonves are confirmed".
A spokesperson for CBS Corporation declined to comment.
Tropical Storm Florence is expected to become hurricane late Saturday
A tropical storm warning and hurricane watch are in effect for the Cabo Verde islands of Santiago, Fogo, and Brava. Florence is expected to intensify over the next 12-36 hours likely becoming a major hurricane by Monday afternoon.